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NorInvent applies for delisting and writes down patent value

NorInvent AB (“NorInvent”) has announced that the Board has decided to apply for delisting from AktieTorget. The decision has been taken in consultation with AktieTorget, and is based on the fact that the company’s operations currently consists of basic research. For a more detailed description of the background, refer to the previous press release “Consequences of lost documentation and status and what will happen in the future” published 2018-04-11. Operations are currently taking place with the uncertainty associated with basic research and there is a risk that this will last for a long period. The Board has therefore decided to apply for delisting of the company’s share. This decision does not affect the company’s ambitions or ongoing studies. If the company’s studies yield positive results, NorInvent may at a later date re-apply for listing of company’s share.

NorInvent has, on the advice of the company’s auditor, written down the company’s patent from about 1.8 MSEK to 0 MSEK, affecting the company’s immaterial assets in the balance sheet. The write-down is made due to uncertainty regarding the company’s ability to develop a revenue generating product / technology. The patent value may be written up again depending on the outcome of the planned binding and absorption studies. This work has begun and studies are expected to be completed in the second quarter of 2018. NorInvent has also commissioned the patent office Høiberg to update its commercial valuation of the company’s patent based on the company’s current operations and the countries in which the company has a patent today.

Delisting from AktieTorget

NorInvent was listed on AktieTorget in May 2017. The research was based on Dr. Jonatan Moses’s previous studies pertaining to XtriG. The company intended to adapt the technology for large-scale industrial use. In March 2018, the company was informed that there was a problem with obtaining additional documentation of the original research made by Dr Jonathan Moses. NorInvent has chosen to continue research on the patented XtriG platform in parallel with basic research in order to identify a new, functional variant of XtriG, which causes uncertainty and there is no guarantee that NorInvent succeeds in developing a functional XtriG.

The Board of Directors of NorInvent has decided, in consultation with AktieTorget, and in consideration of the company’s current operations and future plans, to apply for delisting of the company’s shares from AktieTorget. The decision is based on the fact that the company’s operation currently consists of basic research, which is being made in order to find a working version of XtriG, thereby creating a basis for further research. There is a risk that the company’s basic research will last for a long period.

Write-down of patent value

The Board of Directors of NorInvent has decided to write down the company’s patent value from approximately 1.8 MSEK to 0 SEK, affecting the company’s immaterial assets in the balance sheet. The write-down is retroactive and affects NorInvent’s annual report for the financial year 2017 and financial reports in the future. The decision is based on the advice of the company’s auditors, which, due to the company’s current activities and lack of access to the original research documentation, believe that a write-down of the patent’s value is appropriate. The patent value may be written up again if NorInvent’s planned studies are positive.

Continued communication

Following delisting from AktieTorget, NorInvent will communicate with its shareholders via the company’s website (www.norinvent.com). Furthermore, the company intends to call a shareholders meeting as soon as possible after delisting.

Information on planned interim report 29 May 2018

Due to the decision to delist the company’s shares from AktieTorget, NorInvent will publish the interim report for the period January – March 2018 via the company’s website (www.norinvent.com).

Information on planned Annual General Meeting 31 May 2018

The company has decided to postpone the Annual General Meeting. A new date will be announced at a later stage.

This information is information that NorInvent AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Paul Hasselgren (CEO, NorInvent AB), at 08:47 CET on April 30, 2018.